While the Page Rank measure is not anymore what it used to be in terms of number of visitors flowing to your website, and the PageRank number displayed in your toolbar even less so, the number offers a certain comforting feeling to the webmasters, especially if is above 5.
Today, Google pushed a new global update (which can happen any time between 6 months and a year) . The new update happens about 6 months after the previous one and it might establish a new trend – a PageRank update two times a year.
PageRank is a measure indicating how well your pages are linked from outside. Its scale is logarithmic which means is much harder to jump from 4 to 5 than to 1 to 2 for example. While only a part of the algorithm Google uses to determine how much organic traffic sends to your pages, it is nonetheless an important one although lately it seems that the search giant places more and more weight on the social aspect. Also, as the number of websites/pages available grows, Google will have to adjust the PageRank scale regularly to keep the relative values updated. This is one reason many websites might see their PR values dropping, even if their websites actually gained links.